Latest News
-
QXO buys commercial roofing company TopBuild for $17 Billion
QXO, a U.S. distributor of construction supplies, announced on 'Sunday that it would acquire the commercial roofing company 'TopBuild' for $17 billion. This is just one more acquisition in a string of?acquisitions? by Brad Jacobs and his billionaire business partner. In the deal, Connecticut based QXO announced that Florida based TopBuild shareholders could elect to receive either $505 in cash for each TopBuild stock held or 20.2 QXO shares. This is provided the transaction total is paid in approximately 45% cash and 55% shares of QXO stock. Calculations showed that the $505 cash payment represents a premium of 23.1% compared to TopBuild's Friday closing price of $410.31. QXO stated that the deal has been approved unanimously by?the boards?of both companies and is expected to immediately and significantly increase its earnings. QXO's market capitalization is around $18.08 Billion, while TopBuild?has a capitalization around $11.54 Billion. Over the past 11-month period, we have built QXO to be a leader in the market through acquisitions worth more than 13 billion dollars. We closed on Beacon by 2025, and Kodiak this month. TopBuild is our largest acquisition to date." Jacobs, chairman and CEO of QXO, said: 'CRITICAL MASS' The TopBuild?transaction also gives us critical mass in insulation and expands our exposure to large complex projects such as data centers where scale is important," said Jacobs who is widely regarded by M&A specialists. Jacobs has built multi-billion dollar companies in waste management, logistics and equipment rental. QXO is now better positioned to pursue new deals. QXO is a relatively new player in the building products industry. Last year, it acquired Beacon Roofing Supply for $11 billion. Home Depot won the bid for GMS, and it also threatened to take over GMS. The TopBuild deal, expected to close by the third quarter 2026, is part of an increase in mergers and purchases in the U.S. construction-products sector as companies look to'scale and localize their supply chains to mitigate tariffs. QXO will now have more than 28,000 employees and 1,150 locations in all 50 U.S. States, as well as seven Canadian provinces. Its fleet will also be larger than 10,000 vehicles. QXO announced in?February a $2.25billion deal to purchase U.S. building materials distributor Kodiak Building Partners. QXO raised $1.2 billion earlier this year and secured $1.8 billion from Apollo Global Management, Singapore's Temasek, and Singapore-based Apollo Global Management. According to its website, QXO distributes roofing products and other related building products. It uses technology to help contractors, suppliers, and customers manage inventory, orders, and customer service. TopBuild distributes and installs roofing and insulation products for residential, commercial, and industrial construction clients across North America.
-
Trump accuses Iran a 'total' violation of ceasefire and threatens new attacks until it makes a deal
Donald Trump, the U.S. president, accused Iran of violating the ceasefire between the two countries by firing on ships near Strait of Hormuz. He also threatened to "wipe out" Iran's power plants and bridges if it did not accept his terms. Trump's envoys will arrive in Pakistan Monday evening to continue talks. The shipping is still stuck in the Strait, two days after Trump announced that it would open. He posted on social media: "We are offering a fair and reasonable DEAL. I hope they accept it, because if they don't the United States will knock out every Power Plant and every Bridge in Iran." "NO MORE, MR. NICE GUIY!" The global oil price fell, and the stock market soared when Iran announced that it would reopen its strait to all ships except for its own. This was the first time since Trump and Israel started the war in February. Tehran announced on Saturday that it would keep the strait closed 'after Trump stated he would continue to blockade Iranian shipping. Two ships have reported that they were 'fired upon as they approached the strait Saturday. "Iran fired bullets yesterday on the 'Strait of Hormuz, a total violation of our ceasefire agreement!" Trump wrote in a Sunday morning post. That wasn't nice at all, was it? Reporting by Bureaus; writing by James Mackenzie, Peter Graff, and Susan Heavey; editing by Sergio Non and William Mallard; Alex Richardson, William Mallard, and Alex Richardson
-
France and Greece renew their defence pact by another five years
A Greek official announced on Sunday that French President Emmanuel Macron would 'travel to Greece next Week' - in order to renew a security pact - between the two countries against a...backdrop... of the war in Iran. In '2021, France and Greece signed a security agreement that required them to 'come to each other’s aid if attacked. This included the purchase by Athens of three French-made frigates, and approximately 24 Dassault Rafale fighter planes. The official, who spoke on condition of anonymity, said that Macron's April 24-25 visit to Greece will renew the agreement for a further five-year period, and then automatically renew it. The official said that Macron and the Greek Government will also discuss maritime safety and?the Strait of Hormuz. The Strait of?Hormuz remained closed on Sunday?after Iran?reasserted its control over the strategic waterway days before a fragile?ceasefire?with United States was due to expire. Greece is the leader of the European Union's Naval mission tasked with protecting ships in?the?Red Sea, but has opposed any military operations along the Strait of Hormuz. (Reporting and Editing by Christina Fincher.)
-
First French man in his 80s to apologize formally for slavery in family
On Saturday, a man in his eighties issued what he believed to be 'the first formal apology in France by someone for their family's role in slavery. He said he hoped that others - and the government - would follow. Pierre Guillon de Prince’s ancestors were shipowners in Nantes, France’s largest port of transatlantic slavery. They transported 4,500 slaves from Africa and owned plantations throughout the Caribbean. Guillon de Prin said that other French families should confront their historical links to slavery and the state must go beyond symbolic gestures in order to address the past. "Faced by the rise of racism in our society I felt a duty not to erase this past," said the 86-year old, adding that he wanted to share the family history with his grandchildren. He apologized to a group in Nantes before the inauguration of an 18 metre replica mast. Dieudonne Boutrin is a descendant from enslaved people?from the Caribbean Island of Martinique. The two work together at Coque Nomade - Fraternite, an organization dedicated to "breaking silence" about slavery. They said that the mast will serve as a beacon of humanity. Boutrin said, "Many descendants of slave traders are afraid to speak out because they fear reopening old hurts and anger." "Pierre's apology was a brave act." Between the 15th and the 19th centuries, more than?12,5 million Africans, mostly Europeans, were abducted, forcedly transported, and transported on European ships. France was responsible for the trafficking of 1.3 million people. Guillon de prince's apology follows a similar one made by other families, both in Britain and elsewhere. GROW France recognized transatlantic slavery in 2001 as a crime. However, it has not formally apologized for its role, unlike most European countries. During his tenure in office, President Emmanuel Macron expanded access to archives relating to France's colonial history. He said last year that he would set up a commission to look at France's relationship with Haiti without talking about reparations. Worldwide, the calls for reparations are increasing - from official apologies to financial compensation. In the United Nations, France abstained from a resolution that was led by Africa and declared slavery to be the "gravest crimes against humanity" while calling for reparations. Reporting by Catarina demony in London. Mark Potter (Editing)
-
Mediation fails in dispute over Franco-German fighter jet, Handelsblatt says
Handelsblatt reported on Saturday that despite the fact that 'political leaders have still got the option to intervene in the dispute between companies involved in a Franco-German FCAS project fighter jet,'mediators failed to resolve it. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. Persons familiar with the situation said that the German mediator will conclude that building a common fighter jet, which was once a major pillar of the project?, is no longer possible. The person said that the German Chancellor Friedrich Merz will be informed about the current status of the dispute Sunday. According to sources familiar with the project, Germany and France are likely to abandon the development of a?jointly piloted jet? but continue their cooperation on software and data systems as well as drones. Merz will meet French President Emmanuel Macron during the informal European Union Summit in Cyprus next Thursday and Friday. FCAS is at risk of failing or being scaled back as Europe looks to increase unity and collaboration in the face of threats from Russia, and the waning support from the United States. The project was stalled due to a control dispute between France's Dassault and Airbus which represent?Germany, Spain and the 100 billion-euro project. Dassault Aviation's head said on April 1 that he would give his company between two and three weeks to determine if a deal can be reached regarding the "air combat system". Merz stated that he was doing all he could to save the program and two mediators were appointed to "overcome differences" late last month. A spokesperson for Airbus in France declined to comment. Dassault, the French presidency, and Dassault have not responded to comments.
-
FIFA warns that New Jersey's $150 fare for transit will have a 'chilling' effect.
FIFA has warned that New Jersey's decision to charge $150 round-trip for transit?to World Cup games?will have a 'chilling effect' on fans. The fare is a tenfold increase over the $15 usual for the route. The price increase can add thousands of dollars to World Cup tickets, especially if they are sold on the secondary market. The MetLife Stadium will host eight matches including the final on July 19. Kris Kolluri, the CEO of New Jersey Transit, had defended his pricing by citing increased passenger numbers due to the closure of public parking near the stadium and the World Cup security requirements. Heimo Schirgi is the Chief Operating Office for the World Cup in 2026. He said that the price increase would force the fans to consider other options. The current NJ Transit pricing model will have a chilling effect. Schirgi stated that increased fares will inevitably drive fans to alternative transportation options. This increases the concerns about congestion and late arrivals and creates wider ripple effects which ultimately reduce the economic benefits and lasting legacy that the entire region stands a chance to gain by hosting the World Cup. "Furthermore... to arbitrarily raise prices and then demand FIFA cover these costs is unprecedented." "No other major event, concert, or global sporting promoter faced such a request." GOVERNOR SAYS "FIFA SHOULD PAID" New Jersey Governor Mikie?Sherrill said previously NJ TRANSIT was "stuck" with a bill of $48 million to ensure fan security while?FIFA made $11 billion. I'm not going leave New Jersey commuters to foot the bill for many years. Sherrill said that FIFA should pay for rides. FIFA denied Sherrill’s claim and said they generated $11 billion of revenue, not profits. "FIFA is a non-profit organization as per our Statutes." Schirgi added that the FIFA World Cup revenues are reinvested in 'developing football worldwide, especially for youth and women. "Finally, we applaud all of our partner cities across the country for embracing this opportunity to showcase their regions to visitors through low-cost and often unchanged rates on mass transit." (Reporting and editing by Clare Fallon in Bengaluru, Rohith Nair from Bengaluru)
-
Machado, Venezuela's Machado, says that the Spanish PM's summit on leftist politics is why he has not met him
Maria 'Corina Machado, Venezuelan opposition leader, said that she refused to meet with Spain's Prime Minister during her visit as he was hosting an?event of progressive leaders in Barcelona. Machado is a Nobel Peace Prize-winning?liberal? of the right-wing, who has refused to meet with Spain's leftist government led by Prime Minister Pedro Sanchez. This is in stark contrast to her frequent meetings with Sanchez's opponents from the right. Machado said at a?event held in Madrid that "what transpired over the last few hours in his meeting in Barcelona with different political leaders from different countries was proof that such a?meeting was not advised." Sanchez said that he would be willing to meet Machado at any time. He also called for Venezuelans to determine their own future democratically, without foreign interference. Machado will be feted by one of Sanchez’s fiercest critics later that day, Madrid regional leader Isabel Diaz Ayuso. She will then?hold a rally in the Spanish capital with?the Venezuelan Diaspora. Return to VENEZUELA Machado praised Spain for its welcoming Venezuelan migrants but said that neutrality is no longer acceptable in regards to the interim government led by Delcy Rodrguez, which was formed after the U.S. army ousted Nicolas Maduro during a raid on Caracas last January. Washington has since then been working with?Rodriguez to increase its presence in Venezuela’s oil sector. This week, the World Bank and International Monetary Fund resumed their dealings with Caracas after a break that began in 2019. Machado stated that she is coordinating with Washington regarding?her return to Venezuela in order to lead a democratic transformation. She said she supported the IMF's renewed supervision of the economy and that it would allow the central bank vaults to be opened in order to reveal the gold reserves of Venezuela. She also demanded that she be informed clearly when the next elections will take place. She said: "It is very clear that at the moment, there are those who want Venezuela to be democratic and free and those who wish to maintain the status quo. Just ask them when elections should take place." Corina Pons is the reporter. David Latona is the author. Louise Heavens (Editing by David Latona)
-
UKMTO reports incident involving tanker near Oman
The United 'Kingdom Maritime - Trade Operations (UKMTO), a government agency, said on saturday that it had received a report about a tanker which was being fired at by "two gunboats connected to Iran's Revolutionary IRGC" located 20 nautical miles north of oman. UKMTO's advisory note stated that the captain of the tanker reported that?the two armed gunboats fired without issuing any radio challenges, adding that the vessel and crew were safe. UKMTO reported that it received a'report of an unknown projectile hitting a container vessel 25 nautical miles north-east of Oman. UKMTO reported that the attack damaged some containers on board but no fires, environmental impacts, or casualties were immediately reported.
Some Canadians in Canada's northernmost regions worry that Carney's military plans overlook everyday needs
There are only two grocery stores in a Canadian hamlet at the northernmost tip of the Arctic Ocean. The sports arena is the only place to go for entertainment. And there's no doctor. A trip south usually requires a 2-hour flight. Dentists visit the 2,000-person community 'twice per year' and trucks bring in water. Giving birth can often involve flying to another city, several hours away. This is done weeks before the due date. Natasha Neglak Lear (49), a Cambridge Bay resident, was not impressed when she heard that Prime Minister Mark Carney planned to spend more than C$2 billion?to designate Cambridge Bay as one of the two new northern military centers. She said there were'more pressing issues' to be considered, such as a local place where women could give birth.
She said that before they did all of this, they should give to us what the people in the south have, referring specifically to the two-thirds or more of Canadians living within 100 kilometers of the U.S. Border. "Development and doctors, dentists and birthing centers are needed to help us grow."
Carney has committed more than C$35billion to increase military spending in Canada, and to "take control" over its Arctic territory. This move was partly motivated by Donald Trump's threats of annexing Greenland, and making Canada the 51st State, and Trump's demand that Canada and its allies raise their defence expenditure. Canada wants to be able to respond independently to threats in an increasingly dangerous and divided world, which Carney describes as "more dangerous" and "divided". To do this, it is upgrading airports and strengthening northern defenses. It also ensures that aircraft can be deployed anywhere in the Arctic. Climate change is making the icy region more accessible. Russia has more military bases in the Arctic than any other country. In recent years, China began to increase its presence, mainly in partnership with Russia, in this mineral-rich region.
TRAUMATIC MEMORIES
Canada is home to a quarter of the Arctic region of the globe, with most of its territory being significantly less developed than those of European nations. This region is larger than continental Europe and accounts for 40% the land mass of Canada, 75% its coastline but only has less than 150,000 residents.
Indigenous leaders, who make up the majority of Arctic residents, have complained for years about insufficient investments. Politicians also acknowledge that the sparsely-populated region lacks tax bases to finance major infrastructure projects.
Interviews with dozens of military, community and Indigenous leaders in Canada's Arctic?territory showed that some were encouraged by Carney's plan - which includes investing C$294 million to renovate Arctic airports and build new runways. In interviews with dozens military, Indigenous and community leaders in Canada's Arctic Territory, some expressed their support for Carney's plans. This includes investing C$294 millions in renovating Arctic Airports and building new airport runways. Some people were worried that the military would change their lives without improving education, health care and social services. Cambridge Bay Mayor Wayne Gregory stated that he was "ecstatic' about Carney’s Arctic strategy announcement made on March 12. He described the military?hub design as a possible turning point for the city. Some Inuit, which make up over 80% of Nunavut’s population of 42,000 people, still have painful memories from previous militarization attempts during the Cold War. In the 1950s-'60s, the government relocated people thousands of kilometers away and killed thousands of dogs to control disease and public safety. This deprived Inuits of their ability to travel and hunt. Indigenous leaders are concerned that Canada's response to Trump's threat could again violate their constitutional rights to manage their land, culture, and education. Natan Obed is the president of Inuit Tapiriit Kanatami which represents over 70,000 Inuit living in Canada's far north. "We're the best-prepared to deal with any threats that come our way. What we have been asking for are the necessary funds so we can?have thriving community."
Carney's Government disputed the idea that increased defence spending could result in fewer funds being allocated to other local initiatives. Eric Head, the Indigenous Services Ministry's spokesman, pointed to resources dedicated for youth programs, community safety and mental health for Indigenous communities, as well as plans recently announced to spend C$1.4billion on health and social initiatives.
CARIBOU MIGRATION Census figures show that Indigenous people living in the Arctic have a higher rate of unemployment and are more likely to struggle to find housing and food than other Canadians. This has serious consequences. The rate of tuberculosis in Indigenous people living in the Arctic is more than 600 times greater than that of non-Indigenous Canadians, and their life expectancy falls by about 10 years.
Carney's plan only allocates a small fraction of the funds to be spent in the next 12 year for civil projects. For example, a C$1billion Arctic Infrastructure Fund will be used to build roads, ports, and bridges.
Carney, according to some Indigenous leaders, failed to consult them before releasing the plan for developing the Arctic. George Mackenzie is the Dene National Chief of the Northwest Territories. He said that the Prime Minister should meet with regional chiefs from Canada's Indigenous People, as he does with the premiers in each province and territory. Carney has promised to work with Indigenous Leaders and that the government will invest C$10 Billion into energy projects. This investment is expected to create more than 10,000 jobs during construction in the Arctic. Ottawa has backed the Grays Bay Road and Port Project, which is aimed at connecting a mineral-rich area in the Arctic with?global shipping lanes. Some locals fear that it could harm the migration of the 'local caribou herds', the main food source in the region.
Lear, a member of the Kitikmeot Inuit Association's board, expressed her surprise that Carney was promoting the project before the environmental impact had been evaluated. She said that the caribou population is already declining and construction could push them out of the area. Inuit rely on caribous for food, hide and fur. Haugaaq, 62, was teaching local youths how to make traditional fur and gloves at a workshop. She said it was the first in her lifetime that she saw so many politicians involved in the Arctic.
She said, "We need more protection with what is going on in the rest of the world." I hope that the leaders who are in charge of us think about our needs first." (Reporting and editing by Caroline Stauffer, Deepa Babington and Maria Cheng)
(source: Reuters)